Refer to the information provided in Figure 15.1 below to answer the question(s) that follow. Below are cost curves for Dom's Barber Shop, a monopolistically competitive firm.  Figure 15.1 Refer to Figure 15.1. The profit-maximizing price for a haircut is

Price ceilings which lead to shortages will impose costs on society because they

A. will lead to long waiting lines B. may result in black market prices, which are higher than the market-determined price would be. C. lead to a smaller quantity offered on the market. D. do all of the above.

An increase in the costs of resources or inputs of production would shift the:

A) short-run aggregate supply curve rightward. B) short-run aggregate supply curve leftward. C) long-run aggregate supply curve rightward. D) long-run aggregate supply curve leftward.